Gold is facing difficulties near the lowest level in two and a half with the rise of the dollar
Gold is facing difficulties near the lowest level in two and a half with the rise of the dollar
03/09/2014 14:04
Agencies – and faced the gold on Wednesday, difficulty in recovering strongly from sharp losses incurred in Tuesday night and was trading near its lowest level in two and a half months due to rising dollar and a strong American economic data limited the metal’s appeal as a safe haven.
And shaved the dollar near its highest level in 14 months against a basket of major currencies, supported by American data stronger than expected and the resulting rise of Treasury yields. The rise of the dollar affects negatively on gold denominated in United States currency as it makes the metal more expensive for holders of other currencies.
The record price of gold rose slightly in online transactions to 1268.16 dollars an ounce by 0630 GMT to remain close to its lowest level since mid-June to $ 1262.42 hit in the previous session.
The price of the yellow metal fell 1.7 percent on Tuesday, its biggest daily loss since July 14.
The markets are watching the ECB meeting on Thursday in pursuit of any signs explain the bank’s strategy in the face of faltering recovery and inflation disappointing and slowing the pace of reform in the euro area.
The eyes will also US jobs data and unemployment on Friday to assess the strength of world’s largest economy and its impact on monetary policy to the Federal Reserve (the Fed).
Silver rose 0.37 percent to 19.17 dollars an ounce.
Platinum rose 0.48 percent to 1408.49 dollars an ounce, while palladium rose 0.67 percent to $ 884 an ounce.
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